According to NAR, in today's economy, many factors influence the decision to buy a home - job status, financial resources, and family considerations among them. But one of the most compelling reasons to consider becoming a homeowner in the current market is the affordability factor, which will benefit today's buyers for many years to come.
To put this into perspective, a buyer who purchased a median-priced home five years ago with a FHA mortgage requiring a 3 percent down payment would have a monthly mortgage payment of $1,650.00. With today's interest rates and median home prices, that same buyer would be paying $1,150 per month - that's a $500 savings every month, and a savings of $6,000 per year.
This is amazing data to use in our current market to motivate buyers who are on the fence or sellers who are considering selling and buying themselves. It should also motivate your clients to refinance. An annual savings of $6,000 is quite the number. If you just bought your very first home and you refinanced with the current rates you could be saving that $500 a month toward the next home of your choice. It could very well be your dream home.
The demographic that is buying now is very different from what it once was and we should all keep this in mind. In fact, I find myself curtailing my means of communication depending on who I am dealing with. I know some agents stick with one thing only and maybe that is what they do best, but we are in the business of top-notch customer service and if you aren't asking or paying attention to what your clients wants and needs are then you are doomed to fail. As we see more and more young people buying homes we should be aware that times they are a changing. Keep up. Educate yourself so you can educate them....and FYI they've probably already done tons of research on-line anyway. They know more than you think (thanks to HGTV and DIY-jury is still out on whether they are helpful or not). They are also googling you and looking you on Facebook, etc. Be mindful of the pictures and statements you make. You are being watched. This goes for everyone. Just sound advice from a mindful mother and Realtor.